In fact, around 92.4% of CCAs stock was owned by 300 institutional investors while 91.1% of GEO Group stock was owned by 272 institutional investors at the end of July 2015. The federal government is in the midst of a private prison expansion spree, driven primarily by Immigration and Customs Enforcement (ICE), an agency that locks up roughly 400,000 immigrants each year and spends over $1.9 billion annually on custody operations. I think when pension funds are presented with this kind of information that like, "Look, this puts workers' retirement savings at risk. This included a $100,000 payment that apparently violated campaign finance laws; the contribution was made while private prison companies were negotiating with the Department of Justice on whether to continue using private prisons on a federal level. 22. With Talk About Defending Social Security And Medicare, What About Medicaid? Here are five ways that universities buy into private prison companies. February 21st 2015 By: Ashley Nicole Black There are currently 2.4 million people in American prisons. CCA executives own a fair amount of stock too, usually as part of their compensation packages, though their stock ownership pales in comparison to that of institutional investors. (Video) Should You Invest into Private Prisons?? You likely already know how overcrowded and abusive the US prison system is, and you probably are also aware that the US has more people in prison than even China or Russia. He has been criticized for a long time for not doing enough for the black community. 19. Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? Yrro Simyarin January 25, 2013. That's one of the sectors we talked about in the series, people who hire prison labor. Private prisons make a profit an estimated $374 million annually giving them an incentive to cut costs more than public facilities. (2015). Allegedly, Mannix offered Nike cheap labor in the form of prison inmates. The article cites another piece by GlobalResearch.ca that says the former member of Oregon House of Representatives, Kevin Mannix, invited Nike to move its manufacturing sector from Indonesia to Oregon. 1. Since CCA has around 117 million shares of outstanding stock, an investor would have to own about 5.85 million shares (currently valued at over $200 million) before they could obtain a copy of the companys shareholder list. Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. 3. Because these private prisons have been so successful at making money, some money managers and portfolio managers see them as a viable investment choice. Mutual funds can invest in any company or industry that fits their prospectus. In early 2012, a controversial anonymous letter entitled " The Secret Meeting That Changed Rap Music and Destroyed a Generation " hit the internet by storm. They also report a significantly higher rate of assaults on staff and inmates. Except for New York, which has only one privately run detention facility, each of these states has several prisons run by CCA and GEO Group facilities. Prisoner population levels are appropriately maintained. But if private prisons aren't at the root of mass incarceration, that doesn't mean that private investors haven't found ways to make our criminal justice system worse. Black woman looking shocked, covering her face with hands, peeping through fingers. Empowering smarter financial moves on retirement, tax and investing, Student Loan Forgiveness: 6 Big Takeaways From Landmark Supreme Court Hearing, Athlete Investors Cant Save Tonals Falling $500 Million Valuation, Market Outlook: 3 Reasons Long-Term Investors Should Be Optimistic, How To Get Those Great Home Energy Tax Credits. One has to wonder why. He resigned in 2015, soon after scandals abruptly ended Kitzhabers fourth term. (Video) Michael Jordan invests In prisons, Lebron James builds schools, (Video) Did Michael Jordan Ever Really Own Private Prisons? In 2014, UrbanIntellectuals.com published a piece titled, Michael Jordan: The Nike Prison Industrial Complex Connection. The article alleges that Michael Jordan has investments in the prison industrial complex through Nike. (AP/Rogelio V. Solis). So it's not such a stretch that a Democratic donor would also be in the men-in-cages industry. I think there's been work being done all across the industry, the prison industry, not just in private prisons because we have to remember as we've learned through this series that private prisons make up a pretty small part of the prison industry, just $4 billion to $5 billion of the $80+ billion industry. Embed. However, research suggests that private prisons are actually less safe than public prisons. You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. We're tremendously grateful. However, you can always contact the pension fund and ask this question. That means if you have a 401(k) plan, there's a good chance you benefit financially from private prisons. The largest private prison contractor, CoreCivic which recently changed its name from Corrections Corporation of America saw its stock shoot up by more than 58 percent shortly after morning trading began. Download. Today, private prisons incarcerate about 9 percent of all U.S. prisoners, and 19 percent of all federal prisoners. Both Wedell and Zoley are big donors to the Republican party, but that doesn't mean those from the left side of the aisle can't play their game. You could choose to forego your plan and invest in an IRA where you can find your own investments. Under Maryland state law, MD Corp. & Assn. You, the taxpayer, are paying for that. Appropriately enough, a significant number appear on the show Orange is the New Black. We say remote learning 10:00 AM to noon is what we try to do on this show every day. Is there more violence in private prisons? What we saw is after we put out this report, and of course, this has been the work of community organizations, and advocacy groups, and national organizations to call attention to this. Sebastien Elkouby September 19, 2015. 82 names 1. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. Do you have a prison-free to investment option?" Its the lawmaker who reportedly invests in private prisons. Fidelity, BlackRock, State Street and Vanguard are all big private prison investors despite social justice pledges. With the government paying private prison operators . This isn't to make an argument *for* private prisons, just to say that there are much stronger influences . GEO Group, which is organized as a real estate investment trust, or REIT, reported adjusted funds from operations of $0.70 per share, up 6% from last year and well ahead of analyst expectations of . Michael Jordans purported prison investments have long been disproved. Concerned that you wont make money? A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. Get a head start on the morning's top stories. Over the last several years we've seen most of the major banks pull out and refuse to finance these corporations going forward because of a lot of the risks that we're talking about. Private prisons house 128,195 inmates on behalf of the federal government and state governments (or at least they did as of 2010). Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. Jordan has amassed as many critics as he has fans. Moreover, in terms of lobbying for tougher sentencing, prison guard unions are much much active contributors. Private immigration detention centers also factor into this private prison equation with a growth rate of over 440 percent in the last 20 years. Elizabeth Parisian: Yes. What could be the barriers in using technology as a way to assess students learning? Does Wells Fargo invest in private prisons? As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. Are my pension savings invested in this? (That includes Taylor Schilling, Natasha Lyonne, Alysia Reiner, Kate Mulgrew and Beth Dover ). This number has grown by 500 percent in the past 30 years. The Vanguard Group and Fidelity Investments are America's top two 401(k) providers. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. With the teachers, we've been hearing from members over the years with concerns about the possibility that the pension funds might be invested in private prisons, so we've been working to expose the risks of those investments and talk to pension funds about it. (Video) Debunking Jordan Peterson's "Truth About Communism" Video. They do this, and have their own prisons and correctional facilities. Chances are if there's a publicly traded company, your pension fund is invested in it directly or through an index. Brian Lehrer: Elizabeth, are there places that people can go to easily find out whether their pension fund, or their university's endowment, or just a mutual fund that they as an individual might be invested in a 401(k) or whatever has prison industry stocks included in it? Joseph Margulies is a civil rights attorney and a professor of law and government at Cornell University, as well as the author most recently of What Changed When Everything Changed: 9/11 and the. When you use the tool, if your mutual fund or exchange-traded fund is found, it will be scored A through F. It also lists the companies that it finds offensive and gives you a brief explanation why. George Zoley Welcome back one more time, and Elizabeth, welcome to WNYC. Just because an investment scores high in Prison Industrial Complex doesnt mean that it will score high in other categories. 25. If not, that means it may choose to invest in them in the future. Here's a look at the 10 most pampered celebrity prisoners: 1. It also has its own prisons and correctional facilities. Invincibly inartistic kent will be celebrities who invest in private prisons. 3. As we've talked about Brian week, after week, after week, each of these different segments or sectors of the industry, food services, healthcare services have caused really incredible harm in communities. Other top institutional owners in the company include Blackrock Fund Advisors with 4.9 million shares, Eagle Asset Management with 2.92 million shares, and Fidelity Small Cap Discovery Fund and Fidelity Management and Research Co., each with 2.4 million shares. Public retirement systems in at least 18 states own stock in CCA and/or GEO Group, totaling over 2.5 million shares in CCA and 1.11 million shares in GEO. Bianca, Elizabeth cited those two stocks, in particular, GEO Group and CoreCivic, are there others that you would put high on the list of prison industry stocks to be aware of if people do want to divest? Paris Hilton. There are two major, publicly traded private prison companies in the U.S.: Corrections Corp. of America ( CXW 1.23%) and GEO Group ( GEO 1.99%). Some of the other corporations that are at least publicly traded that people may be familiar with and want to divest from include Aramark, one of the largest providers of food services in prisons and jails, or 3M a company that is a huge supporter of prison labor in prisons and jails. Two days later, the LA County Sheriff reassigned her to 40 days of home . Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. You have taught our listeners so much over the course of this series. There is a Michael Jordan that invests in prisons. Appropriately enough, a significant number appear on the show Orange is the New Black. 130,000 people incarcerated by private companies is roughly 7% of the total inmate population. Brian Lehrer: Elizabeth, I think some people might be surprised to learn that their pensions might be invested in some of these companies, or it's just something they never thought about. Media personality Tariq Rasheed clarified that the former Chicago Bulls player does not invest in prisons. If you check out the Other Issues tab, you will find scores for issues such as Fossil Fuels, Deforestation, Gender Equality, etc. Photo: Mario Tama / Getty Images. If you're an individual investor, meaning maybe you have a 401(k), it's a little trickier because everyone has to make individual investment decisions with the 401(k) and that's one of the disadvantages. On Prison Free Funds, we focus on two aspects of the prison industrial complex: companies involved in the prison industry (such as private for-profit prison operators and prison services providers), and companies involved in the militarization of borders and the policing of immigration. The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. The answer: Theyre all participating in Real Money Moves, a new initiative aimed, in part, at divesting from private prison investments, organized by Candide Group, an Oakland, Cal.-based impact investment advisory firm with a focus on social justice. 1. The free Prison Free Funds tool from As You Sow, a nonprofit that promotes corporate social responsibility, tells users if a mutual fund or ETF is invested in companies that profit off of. Can I use my wife bank account for Zerodha? Hotel heiress Paris Hilton was thrown in the slammer for violating her probation from a 2006 DUI arrest. Its been a long time since Jordan retired, and the current generation is not entirely aware of his great plays on the court. Though the US prison population is shrinking slightly, the number of inmates in federal lockup is increasing, and while Obama keeps saying he's ending the war on drugs, he's also proposed budgets that call for increasing the amount of money spent on the Bureau of Prisons. Some of these celebs also have committed to becoming impact investors. Luckily, there are groups like Worth Rises and the Private Equity Stakeholder Project, and even the American Federation of Teachers that have done some work to expose where these connections with private equity are. The nations two largest for-profit prison companies, Tennessee-based Corrections Corporation of America (CCA) and Florida-based GEO Group (GEO), are publicly traded on the New York Stock Exchange. FYI.. Michael Jordan is NOT an investor in private prisons. 1 These people are incarcerated for a multitude of different crimes . Here, with me one more time for the series is Worth Rises Executive Director, Bianca Tylek, and with her, we have Elizabeth Parisian. Liz Farmer Twenty-four public pension funds are invested in private prison companies such as CoreCivic, according to a new report by the American Federation of Teachers. (Vlog), (Video) Willie D Lays out His Reasons Why He Thinks Michael Jordan Is a B**** (Part 7), (Video) Michael Jordan holds stocks in private prisons. These companies are getting sued all the time because of the practices and because of the way they often neglect incarcerated people or take advantage of their families. Nonetheless, none of its employees are prison inmates. The largest owner of CCA stock was Vanguard Group, Inc., with 16.79 million shares valued at $578.9 million, followed by Vanguards Specialized-REIT Index Fund, a mutual fund, with 8.8 million shares. It did not close because of the disappearance of Morris and the Anglins (the decision to close the prison was made long before the three disappeared), but because the institution was too expensive to continue operating. A 2016 Justice Department report suggested that federal private prisons may be more violent than the public prisons (except for sexual violence), but studies at the state level are far more inconclusive. HOW PRIVATE PRISON COMPANIES INCREASE RECIDIVISM . Snaky stipend very celebrities who invest in private prisons ankyloses under the preceptor. Why is Pakistan an underdeveloped country? "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". Private Prisons: The New Slavery. There are also some platforms now that are starting to develop screens, including OpenInvest. First, a bit of background. Extracting your support from the prison industrial complex. This how rich I wanna be #michaelbjordan#michaeljordan#mj#mj23#michaeljordan23#jordanbelike#rich#michaeljordanmeme#richasfuck, A post shared by Sammy Cutz (@_sammy.cutz_) on Apr 17, 2018 at 11:32am PDT. 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